No, it cannot. No state can declare bankruptcy... however, the Feds can take over the state and put it into receivership. Doesn't that sound like a good plan?
The Lost Angeles Times states that California is borrowing $40million a day from our Federal government to pay unemployment benefits in the state. This is not new, but the amount owed is ~ $10.4 billion dollars expected at the end of the year.
Guess from whose pocket the payment due will come.
1 comment:
Wow!
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